With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Farmers Field Of Dreams: If You Build It, Will We Pay?
Photo by Ca-los! via LAist Featured Photos pool on Flickr
LA residents, football fans and non football fans alike, continue to be skeptical about the expense of building Farmers Field despite Mayor Antonio Villaraigosa and AEG's assertion that it won't cost taxpayers money, reports Reuters.
"AEG is asking the city to provide $350 million in bond financing to help cover the $1.4 billion construction of its planned Farmers Field, and the company promises the city will be refunded with, among other things, tax revenue from increased economic activity and a surcharge on tickets. Also, AEG promises to pay cash to bridge any gap on the amount owed for the bonds each year."
Farmers Field would be built where a wing of the L.A. Convention Center currently stands. A proposal by AEG suggests dismantling the wing, building a replacement with city bond money, and connecting it to the rest of the Convention Center.
Yet to be determined are issues like how much AEG would pay "to lease ground underneath the stadium, whether it will provide a letter of credit guarantee for the $350 million and whether the city will have to cough up for infrastructure work around the project," officials said, reports Reuters.
Sponsor
At a downtown forum on Thursday, there was also discussion of environmental costs from cars, congestion, electricity, and trash.
At LAist, we focus on what matters to our community: clear, fair, and transparent reporting that helps you make decisions with confidence and keeps powerful institutions accountable.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Senior Vice President News, Editor in Chief
